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Refinitiv expands digital KYC solutions to retail banking and wealth management

Refinitiv is expanding their suite of financial crime solutions into the wealth industry as increased scrutiny from regulators and the demand for a more frictionless client experience from investors drive the need for more digital Know-Your-Customer (KYC) and onboarding processes. 

Wealth and advisory segment

The push into the Wealth and Advisory segments is set to expand on Refinitiv’s World-Check Risk Intelligence and the company’s expertise in delivering trusted data into client workflows using the cloud and API technology.

Traditional wealth onboarding is paper-centric and cumbersome, new technologies offer opportunities to streamline this process while improving the customer experience and decreasing risk.

“Today’s investors have high expectations, demanding an increasingly digitally-enabled personal relationship with instant access to accounts and information on the go while expecting a frictionless onboarding experience and speed of updates,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. ”We are in a unique position to help the industry meet these demands and at the same time comply with rapidly changing anti-money laundering KYC regulations.”

Refinitiv claim that the new service will help Wealth Managers to simplify their day-to-day risk management, onboarding and monitoring decisions through the latest innovations in AI and cloud computing, combined with its market-leading data and KYC solutions such as World-Check and Media Check.

New market partnerships

The company’s recent string of new partnerships has enabled it to expand its KYC and due diligence solutions further into retail, wealth and private banking segments, e.g.:

  • partnering with Trulioo to deploy advanced digital identity verification and biometric technology to help financial services firms reduce fraud and financial crime by verifying billions of customers online. Trulioo operates a Digital Identity Network that provides instant access to over 400 procured, vetted, and trusted data sources around the world.

CTMfile take: The demand for KYC affects all parts of businesses and supply chains. It is a numbers game, who will dominate? Who should corporates choose? There is only one thing that is clear: there is no clear leader or dominant player.

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